OLX Autos journey hit brakes, takeover was done for 537 crores, will you still be able to buy and sell second hand cars?

New Delhi. There is big news about OLX Auto, a well-known company for buying and selling of used cars. Sobek Auto India Pvt Ltd (parent company of OLX Auto) has been taken over by Car Trade Tech. For this acquisition, Car Trade Tech has agreed to pay Rs 537 crore. In fact, OLX, which is going through bad times, was trying to sell its automotive department for some time. Eventually this division of the company has been acquired by Car Trade Tech.

According to the information given by Car Trade to BSE, the company is going to buy 100 percent shares of Sobek Auto India Private Limited. Sobek is the proprietary company of the Auto Sales Division of OLX India. The company informed BSE that on July 10, 2023, CarTrade Tech has entered into a share purchase agreement with Sobek Auto India Private Limited and its holding company OLX India BV for acquisition of 100 per cent stake in Sobek from OLX India BV. However, Car Trade Tech will continue the existing business of OLX in the country for the time being.

Also read: The ‘queen’ of sedan cars coming in a new avatar, the whole look will change from inside to outside, Honda has prepared

Takeover will be completed in 30 days
According to Car Trade Tech, the acquisition will be completed within 30 days. In this, the total cost of the company will be Rs 537.43 crore. This amount will be paid on the last date of acquisition. OLX India has also sold its classifieds internet business to Sobek on June 30, according to an exchange filing.

olx going through bad times
OLX Group has been going through a very bad phase for some time now. In June, the company announced the reduction of 800 jobs in its offices spread across the world. This announcement was made at a time when the company started winding down OLX Autos and the company was almost in a critical stage of acquisition talks with Car Trade.

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Tags: Auto News, business news, Bike News, olx